GM’s Shares Surge 25% in 2024

By Douglas A. McIntyre Updated May 13, 7:33AM EDT · Published May 11, 6:29AM EDT

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GM’s Shares Surge 25% in 2024 — © JHVEPhoto / iStock Editorial via Getty Images

It’s been a tough year for car stocks. Even Toyota Motor Corp. (NYSE: TM | TM Price Prediction), often viewed as the best-run car company in the world, saw its shares dip recently. However, its stock is up 19% year to date. That is well below the stock of America’s top manufacturer. General Motors Co. (NYSE: GM) shares have surged 26%. The S&P 500 is higher by 9%.

According to Yahoo! Finance, the recent analyst calls are positive. Barclay held its rating of Overweight. Bernstein initiated it as Outperform. The average price target among the analysts Yahoo! Finance covers is $53.44. The shares currently trade at $47.21.

Among the primary reasons GM’s shares have risen is its earnings report. The numbers topped analyst expectations. According to Reuters, “Michigan-based GM boosted its adjusted pre-tax profit projection for the year to $12.5 billion to $14.5 billion, from its previous range of $12 billion to $14 billion.”

In the first quarter, unit sales of its primary brands (Chevy, Cadillac, GMC, and Buick) rose. (See seven reasons GM’s EVs could flop.)

Finally, Morningstar pointed out a key advantage: “GM now operates in a demand-pull model where it can produce only to meet demand and is structured to do no worse than break even at the bottom of an economic cycle when plants can be open.”

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.